In this Funds Update for 6 September 2024:
ASIC announces new digital portal for AFSL applications, variations and cancellations
On 28 August 2024, ASIC announced that it is developing a new digital portal for Australian financial services licensing, which includes applying for, varying and cancelling an Australian financial services licence (AFSL).
A limited, invitation-only pilot launch of the new portal was opened on 12 August 2024. ASIC has stated that all AFSL holders and applicants will transition to the new portal in the first quarter of 2025. The new portal is intended to provide a more user-friendly and streamlined experience by pre-filling information known to ASIC, and only presenting questions relevant to each applicant’s application.
ASIC has stated that the new portal is part of the wider digital transformation ASIC is making towards becoming a more efficient and data-informed regulator.
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